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| Precious metals remain weak on fall in demand NEW DELHI, June 8: Both the precious metals, silver and gold, surrendered.........more Swanky megastores KOLKATA, June 8: Kolkata introduces the compulsive shopper to the ritzy world of one-stop.....more MERC to wait for MUMBAI, June 8: Maharashtra Electricity Regulatory Commission (MERC)....more Negative export NEW DELHI, June 8: India’s exports of major agricultural and plantation crops posted a negative.....more |
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Oppn consensus on economic policy essential: Advani CHENNAI, June 8: Union Home Minister L K Advani today asked the opposition parties......more Sterling tumbles as LONDON, June 8: British opposition leader William Hague resigned today, sending sterling......more Country’s tourism to MYSORE, June 8: The Union Government is chalking out a 20-year prospective master plan to.........more Ceiling on wheat export NEW DELHI, June 8: The Government today raised the ceiling on wheat export quota from 20 lakh ....more |
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Swanky
megastores offer Kolkatans shop KOLKATA, June 8: Kolkata introduces the compulsive shopper to the ritzy world of one-stop-megastores with the opening of a series of upmarket retail outlets. Sprawling multi-storeyed structures, with glazed curtain wall facades, elegant arches and marbled floors, offer shopaholics the option of buying a mind-boggling variety of branded products in style. So if the three-day-old "westside" spar with the runaway hit "pantaloons" in the garment sector, then its one roof book and music outlet "landmark" taking on "music world" and the "oxford gallery" on the city’s sunset boulevard park street. Market analysts opine that while the winner would certainly be the Kolkata customer’s, the retailers wont be complaining either. As for competition there would be plenty, they add. Ms Simone N Tata, chairperson, westside, a Unit of Trent Ltd( a Tata Enterprise) said, "Kolkata market has the potential, is educated, cultured and I think is ripe for the most happening things in the country. Westside is a contribution to the right of choice of the people here." With the USP of giving the latest at the most affordable price and value for every penny spent, Ms Tata is sure that the expansive 20,000 sq feet marble floored and mahogany finished westside would take a big bite into the market in the offing. A westside spokesman said, "we hope to touch the sales figure of about Rs two crore in the first year and reach a healthy Rs six crore mark by the next three years." Its closest competitor pantaloons itself is quite upbeat with already a chain of outlets in the city and crowning it with its swankiest Pantaloon II at a handshaking distance of westside on camac street. "The new entrants give us a new urge to perform," said Mr Taposh Bhattacharjee, Head Operations (East). "We are happy as it will broaden the appeal of retail shopping. There is scope for everyone. In Pantaloon II there will be a graeter presence of travel items, upholstery, crockery, shoes and cosmetics in addition to the main garment section," he adds. Similarly, the two-year-old westside having conquered six cities have carefully thought out its step in the seventh one. "With only around two per cent of Kolkata shoppers turning to big retailers till now, there is market enough for everyone," said Ms Panchali Upadhyaya, Sr Product Manager, Trent Ltd. "We have garments, household products, lifestyle items and cosmetics in a competitive priced selection that suits the city," she said, adding "we have noticed that men here are fond of stars sporting psychedelic colours, but prefer sobers and solids for themselves. Similarly women here are more inclined to wear sarees and hence its introduction here." "At landmark," a spokesperson said, "shopping is no longer a well thought out act restricted to occasions, but a leisurely outing for the family. Somewhere they can spent the time together, undisturbed," adding, "we provide this at landmark with a wide array of products starting from books, lifestyle items, cards and stationary to music section and kid’s corner, all under the same roof." Oxford gallery has also repositioned itself as a departmental store for books that allows its customers to read for hours in cosy galleries and holds seminars attended by the big and famous from the literary world. It is backed by a section for lifestyle products, garments and even a kid’s corner. For those with an ear for music, its music to the ears as planet M is the latest entrant in Kolkata in addition to music world. Going by the reports from market analysts, music world had already caught the imagination of the city with its glitzy ambience, sophisticated look and perhaps the widest range to choose from. Planet M if not better would prove to be competition for the former, analysts feel and open up the music market. A music world floor supervisor said, "the intention is to make sure that people enjoy their time here. They may not buy for the first three visits but will do it the fourth time. The idea that big retail outlets mean big money is changing and the middle class customers are inching their way towards the upmarket." With the market opening up fast and thick and big names queuing up to explore the city, its time for Kolkatans to shop till they drop in a frenzy of more buying, more discounts, ad-ons and special offers. (UNI) |
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MERC to wait for HC ruling on writ petition MUMBAI, June 8: Maharashtra Electricity Regulatory Commission (MERC) has decided to wait for a Bombay High Court ruling on a writ petition filed by the Enron-promoted Dabhol Power Company (DPC) challenging an ad-interim order of MERC making any submission to the court. "We will play a role of wait-and-watch till the court’s order on the writ petition on June 11, after which we will decide on our future course of action", an MERC official said here today. The Regulatory Commission had passed an ad-interim order prohibiting DPC to approach the international court of arbitaration in London and refrained it from activating the escrow account. This was a result of a suit filed by the Maharashtra State Electricity Board (MSEB against the DPC, alleging failure of the power plant in attaining 100 per cent of its generating capacity within three hours of a cold-start, in accordance with the Power Purchase Agreement (PPA), on three different occasions, when there were shortfalls consequent to such cold starts. These shortfalls had amounted to breach of provision of the PPA and entitled the MSEB to claim a rebate of Rs 458 crore alongwith interest, including an amount of Rs 401.24 crore in additional rebate in respect of the first four month of the peak season from October 2000 to January 2001. After hearing both the parties on May 29, the MERC had asked the dpc to make their submission before the commission and adjourned the hearing till June 14, until which the ad-interim order was to be followed. The said order has been challenged in the Bombay High Court by the DPC which says that the PAA was signed before the formation of MERC and coming into existence of Sections 22(1)(C) and 22(2)(N) of the Electricity Regulatory Commission (ERC) Act 1998. (UNI) |
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Negative export growth of tea,
coffee NEW DELHI, June 8: India’s exports of major agricultural and plantation crops posted a negative growth during the period April-Feburary 2000-01 overshadowing the excellent pick-up in exports of wheat which went up from near zero to around 50 million dollars during the period. Plantation crops such as tea and coffee and agricultural products such as rice, tobacco, spices and cereals showed a negative export growth during the first eleven months of the last fiscal, as per the latest provisional disaggregated data available with the Commerce and Industry Ministry. The dip in exports of coffee and tea have been attributed to low global prices while rice exports have dipped on account of uncompetitive pricing. Exports of wheat recorded a massive jump of over 214 lakh per cent at 49.43 million us dollars during April-Feburary 2000-01 compared to .0002 million dollars in the corresponding period the previous year. Pulses also posted a healthy growth of 20.41 per cent at around 110 million dollars compared to 90.93 million in the same period in 1999-2000. Exports of tea posted negative growth of around seven per cent, coffee 24 per cent and rice posted a negative growth of 14.44 per cent during the period. (PTI) |
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Oppn consensus on economic policy essential: Advani CHENNAI, June 8: Union Home Minister L K Advani today asked the opposition parties to evolve a consensus on economic reforms based on the successes and setbacks to the policy pursued by the various Governments at the Centre in the past decade. Addressing the Madras Chamber of Commerce and Industry, he said the Vajpayee Government had been pursuing a policy of consensus on major issues which no other Government had followed in the past. "This consensus approach had to be broken with elections in some major states. Now that polls are over, the opposition must cooperate with the Government to evolve a consensus on reforms," he said. "I appeal to the business community, the trade unions, political parties, social organisations and the intelligentsia to contribute to this process of consensus building over the need to accelerate and expand the scope of economic reforms." Apparently answering to criticism from within the Sangh Parivar on swadeshi policy, Mr Advani said the programme of economic reforms which the Government had been pursuing with "greater vigour" was guided by a swadeshi outlook. "We recognise that protection and promotion of India’s national interests ought to be the supreme objective guiding all our policies and schemes. We have always been against the uncritical emulation of foreign models — be it the Soviet model of the past or the American model of the present." Referring to India’s slow progress compared to that of China, Mr Advani said although China had opened its economy long ago, its polity was still uniform. In contrast, India’s strides were made under a vigorous democracy, he pointed out. Praising the strides Tamil Nadu has been making in the industrial arena, Mr Advani said the prosperity seen in the metropolitan areas had to reach out to rural pockets, besides the farming sector and the different communities which live there. "It is the responsibility of businessmen to understand the social realities and reach out and include all classes, castes and communities in the state," he said. Mr Advani suggested greater harmonisation between the economies of Tamil Nadu, Kerala and Sri Lanka to the benefit all the three. A combination of the three economies will give the right mix of capital labour and raw materials which can supply not only to the rest of India and even South Asia but also other parts of the world like Africa and East Asia, thanks also to this region sitting aside important trade routes, he added.(UNI) |
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Sterling tumbles as UK’s Hague resigns LONDON, June 8: British opposition leader William Hague resigned today, sending sterling plummeting on prospects of an early euro entry just hours after Prime Minister Tony Blair swept to a landslide election win. While Blair’s Labour Party were celebrating their second crushing victory in a row, financial markets seized on Hague’s departure as a signal that his conservative party might elect a more pro-Europe leader. Within minutes of Hague’s resignation, Sterling fell more than half a cent to 15-year-lows against the dollar for the third day in a row. "I guess people are reacting to the resignation of hague and it is seen as another nail in the coffin of the anti-euro campaign," said Julian Jessop, treasury economist at Standard Chartered. "Hague’s resignation was taken as an admission that his stance on the euro was the wrong one," said a trader at a European Bank. With nearly all seats decided except 18 in northern Ireland, Blair was embarking on his new five-years of power with a majority of about 165 in the 659-seat House of Commons. The victory marked Blair as the most successful leader in the party’s 100-year history, making him the first labour premier to secure what promises to be a second successive full term. Blair’s majority slips Blair’s majority was slightly down on labour’s 179-seat margin in 1997, when they inflicted the conservatives’ biggest loss for a century and a half. That win ended 18 years of conservative rule, under first Margaret Thatcher and then major, who gave way to Hague after his 1997 defeat. "I believe it is vital that the party be given the chance to choose a leader who can build on my work. I have therefore decided to step down as leader of the conservative party when a successor can be elected in the coming months," Hague said in his resignation speech. Echoing the speedy departure of his predecessor major, Hague Hague said it was "vital for leaders to listen and parties to change". In backing Blair again, voters rejected Hague’s attempt to make the election into a plebiscite on labour’s plan to enter the European Union single currency. Throughout the month-long campaign, the conservatives seemed out of touch with voters and the defeat drew a definitive line under the Thatcher era. The 75-year-old former Prime Minister who ruled from 1979 to 1990 had campaigned ferociously for the party’s anti-euro stance. (REUTERS) |
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| Country’s tourism to focus on
infrastructure development MYSORE, June 8: The Union Government is chalking out a 20-year prospective master plan to develop infrastructure so as to promote international and domestic tourism in the country, a top official said today. Ms Asha Murthy, who is Joint Secretary to the Tourism Ministry, said all states with enough potential would be covered under the proposed endeavour. "All such State Governments are to be consulted. After that, agencies (under private sector) will be identified to develop the infrastructure. The centre will plan the financial aspects, while the ministry or department will chalk out plans to approach international financial agencies for financial support," she told UNI. Ms Murthy, who is here to discuss the disinvestment plan of hotels under the Indian Tourism Development Corporation of which she is the Chairman-cum-Managing Director, noted that tourism sector had "tremendous scope" in the country with about 2.6 million international tourists visiting the country’s heritage sites besides other spots. The annual growth of the sector has been at six per cent. The Tourism Department has currently fixed the focus on development of beach (seashore), mountain-climing and circuit tourism. "We (Department) will identify, along with the State Government, unique and special areas for promotion of tourism to attract international tourists," Ms Murthy said, pointing out that tourism was the country’s third largest foreign exchange earner with vast potentionals for improvement and job creation. On disinvestment of ITDC-held hotels, Ms Murthy said that under the disinvestment plan (first and second trench) of the 26 hotels, 19 have been brought in for disinvestment. Some hotels at Delhi and Bangalore, besides Lalithmahal in Mysore will not be sold outright, but would become part of the long lease-cum-management category as these are special-category hotels. Replying on the status of disinvestment, she said sale procedure for the first trench had already been completed. The process for the next stage of sale has been taken up. For the second trench, the due dilegence process was on. However, the entire process for disinvestment has been entrusted to a professional organisation under the Department of Disinvestment. About the ITDC operation in the area of transport and duty-free shops, she said the Department would continue to operate as the disinvestment committee was not identified by the Government. "A majority of these units are being run well. Their performance is satisfactory." On the fate of employees in the 26 hotels which were likely to be disowned, she said measures would be taken to protect their interests. (UNI) |
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Ceiling on wheat export quota
raised, shipment NEW DELHI, June 8: The Government today raised the ceiling on wheat export quota from 20 lakh tonnes to 50 lakh tonnes even as Indian exports are showing a declining trend for the past two months. India has hardly signed any fresh wheat export contract with any country after it raised its ex-granary price by Rs 150 a tonne to peg it at Rs 4300 per tonne two months ago. The final rejection of Indian wheat shipment by Iraq recently, even after an Indian official team visited that country and held discussions with Iraqi Grains Board, has cast adamper on wheat exports. The Government also extended the date for wheat export till June 30 even as most of the shipments currently being dispatched are under contracts signed before March 31. Interestingly, the Government is still hesitant to decrease its ex-granary price despite a sluggish international market. The Government has come in for criticism as it is selling the commodity in the global market at a price at which supplies are being made to those Below Poverty Line (BPL). The delay in announcing the new export price of wheat, even after the previous price of Rs 4300 a tonne was valid till May 31, is also attributed to the Government’s indecisiveness that stems from internal criticism. At present, state agencies acting as ‘facilitators’ are not in a position to quote a price to foreign buyers making inquiries for fresh or repeat deals. Inquiries are coming from Russia, Malasiya, Philippines and Sudan, official sources said. Trade circles are feeling uncomfortable with the decision of the Director General of Foreign Trade (DGFT) that these exports be effected by specified agencies, namely STC, MMTC, PEC, National Cooperative Consumer Federation of India Limited (NCCF), National Agricultural Cooperative Marketing Federation of India Limited (NAFED) and Punjab State Cooperative Supply and Marketing Federation Limited (MARKFED). Meanwhile, the Associated Chambers of Commerce and Industry of India (ASSOCHAM) has suggested abolition of the tender system for wheat export and simplification of rules and procedures to boost exports. In a proposal submitted to Minister for Consumer Affairs, Food and Public Distribution Shanta Kumar, the ASSOCHAM suggested allowing exporters to buy wheat at a fixed price of Rs 4,150 a tonne or international price of 102 dollars FOB at ex-port godowns. The poor response to the Food Corporation of India’s tenders for wheat was due to highly cumbersome procedures and conditions of the tender. The ASSOCHAM has suggested a five-point strategy, saying there should be one single time order quantity of minimum 10,000 tonnes to ensure export of five to six million tonnes of wheat. The Government should permit recognised export houses and trading houses to lift wheat and rice without earnest money deposit, security deposit, bank guarantee for difference of export price and domestic price and in lieu of that a suitable legal undertaking should be acceptable. It also suggested that the FCI earmark godowns having good quality wheat. This will improve the image of Indian wheat in the international market and thus provide impetus to exports. On receipt of payment from an exporter, the FCI should, within seven days, make wheat available to the exporter at the nominated port and the delivery weight at the port should be considered for accounting purposes. Since the Iraqi Government is a big buyer of Indian wheat and can buy up to one million tonnes of wheat every year, exporters need the FCI’s support to supply good quality cleaned wheat as specified by that country. (UNI) |
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